16 Aug 2023

The Reserve Bank of India (RBI) plans to introduce a framework allowing borrowers to switch from floating to fixed interest rates, easing loan burdens. RBI Governor Shaktikanta Das revealed this initiative in the monetary policy release. It addresses instances of lenders elongating floating rate loans without borrower consent. The framework mandates transparent communication on loan terms, EMIs, fixed-rate options, and foreclosure. RBI also reviewed the regulatory framework for Infrastructure Debt Funds (IDFs), proposing sponsor removal, direct financing of Toll Operate Transfer projects, and optional tripartite agreements for Public-Private Partnership projects. Additionally, RBI's digital Public Tech Platform aims to streamline lending with open architecture and APIs for seamless credit delivery.Read more

16 Aug 2023

Cyprus-based property developer Leptos Estates is offering customized upscale commercial properties for Indian investors, catering to varied budgets and business needs. Cyprus's advantages, including its EU membership, Mediterranean allure, and favourable tax benefits, make it appealing for Indian investors. These properties provide pathways to permanent residency and, after seven years, even citizenship and an EU passport. The move aligns with the growing trend of Indian investors seeking international opportunities for business growth and improved lifestyles.Read more

14 Aug 2023

Experion Developers, backed by Singapore's Experion Holdings, has acquired a 5.5-acre land in Gurgaon's Sector 48 for Rs 550 crore through a government auction. This marks their fourth recent acquisition, demonstrating commitment to India's real estate market. The company previously obtained plots in Gurgaon and Noida for residential development. Experion Holdings' Indian arm will invest Rs 700 crore each in Golf Course Road and Noida projects, anticipating revenues of Rs 3,400 crore. Experion is actively developing properties across various states, contributing to India's real estate landscape alongside Delhi-NCR, Mumbai, Bangalore, and Hyderabad's burgeoning land acquisitions.Read more

14 Aug 2023

Experion Developers, backed by Singapore's Experion Holdings, continues to make strides in the Indian real estate market. With successful land acquisitions in prominent areas like Gurgaon's Golf Course Road and Noida's sector, the company recently secured a 5.5-acre land parcel in Gurgaon's sector 48 through an HSVP auction. Valued at Rs. 550 crore, the land will be used for a luxury residential project. Experion Developers has a strong presence in various Indian states, offering residential and commercial properties. Their investments in projects, like the Golf Course Road and Noida ventures, signify their commitment to the industry's growth in India.Read more

14 Aug 2023

The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.Read more

14 Aug 2023

Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.Read more

14 Aug 2023

CapitaLand Investment (CLI) has launched the CapitaLand India Growth Fund 2 (CIGF2), aimed at enhancing Grade A office real estate in India by investing in premier business parks. The venture has already secured S$263 million (Rs 16.3 billion) by selling a 50% stake to a global institution, while CLI retains a 20% sponsor stake. This equity, totaling S$368 million (Rs 22.9 billion), is expected to boost CLI's funds under management by S$700 million. CIGF2's inaugural investment is a 70% stake in the International Tech Park Chennai, Radial Road. The move aligns with CLI's ambition to acquire 50 million square feet in India over the next 3-4 years.Read more

12 Aug 2023

The Uttar Pradesh state has enforced a remarkable shift, capping property gift stamp duty at Rs 5,000, replacing the earlier 5 percent charge. The move applies to familial transfers, excluding corporate entities, trusts, or institutions. Under Section 9 of the Indian Stamp Act, the governor wields authority over this change. Notably, property recipients who gift assets within 5 years are exempt. B. S. Verma, Assistant Inspector General, notes the scheme's extension and its benefits for family transfers. In another effort, subsidies for pending dues aim to hasten flat registrations. However, official directives for this initiative are still pending.Read more

12 Aug 2023

The Tamil Nadu government's decision to abolish the practice of separately registering undivided shares (UDS) of land and construction agreements has raised concerns among homebuyers and the real estate sector. Under the new policy, completed constructions will be included in a single comprehensive sale deed, subjecting buyers to a consolidated stamp duty and flat registration fee of 9 percent, leading to an approximate 50 percent increase in registration charges. This change marks the third fee hike within a short period, prompting worries about its impact on the purchasing capacity of customers and the real estate industry's sales. While the government aims to provide legal protection and prevent misuse, industry voices have called for public input and a re-evaluation of the fee hikes' consequences.Read more

12 Aug 2023

Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.Read more